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December 2016

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The World Bank's East Asia Pacific Economic Update says the region remains one of the main growth drivers of the world economy, accounting for nearly two-fifths of global economic growth Overall, the East Asia Pacific region is expected to grow 6.5 per cent in 2015, moderating slightly from 6.8 per cent last year.

“Growth in developing East Asia Pacific continues to be solid, but the moderating trend suggests policy makers in the region must remain focused on structural reforms that lay the foundation for sustainable, long-term and inclusive growth. These reforms include regulatory improvements in finance, labor and product markets, as well as measures that enhance transparency and accountability. These policies will reassure investors and markets, and help sustain growth that can help lift people out of poverty,” said Axel van Trotsenburg, World Bank East Asia and Pacific Regional Vice President.

The report released this week looks at the challenging global environment facing the region. The recovery in high-income economies remains gradual, global trade is growing at its slowest pace since 2009, and the widespread slowdown in developing countries has intensified, particularly in commodity producers affected by lower commodity prices.

According to the report, Myanmar's economy grew at 8.5 per cent in real terms in 2014-15 but growth is projected to moderate to 6.5 per cent in 2015-16 due to floods and slowing investments.

Economic reforms have supported consumer and investor confidence despite ongoing business environment and socio-political challenges. Rapidly rising demand for investment-related imports has widened the current account deficit. This together with the general strengthening of the dollar has put pressure on Myanmar's exchange rate.

Rapid growth in credit to the private sector has fueled monetary expansion. Inflation is estimated to have reached around 10 per cent in the year to July. Medium-term economic growth prospects remain strong assuming continued progress on reforms, the report said. (SH)